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The factors fueling the market include rising demand for power, advanced drilling techniques, increasing exploration and production activities. Hesitation in oil & gas industry and regional disparities are the factors limiting the market growth. The opportunity for the market growth lies in U.S. shale mining revolution and rapidly rising hydrocarbon market.

North America has the largest share in oilfield equipment market driven by large shale drilling activities in U.S. due to increasing demand for energy and prosperous conventional and unconventional drilling and oilfield service. Asia Pacific and Middle East are expected to witness significant growth during forecast period. Drill pipes have the largest share in oilfield equipment market for drilling the large number of wells with huge depths. Pressure and flow controls are mostly rented consequently to drilling equipment. In pressure and flow controls, BOPs are expected to drive the market growth.

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